Forget all the chatter about debt ceilings and S&P downgrades, Gartman tells us what matters most is that ”gold has become the third accepted reserve currency of the world,” and he doesn’t see any reason for that to change.

When you look at a long term chart of gold, like the one you see above, it goes from the lower left to the upper right and that's a bull trend.

However, as he says so often, Gartman prefers to play gold in euro terms or sterling terms rather than long gold in dollar terms. “Europe has greater problems than we have. We (should) reach a resolution to the debt crisis but Europe's problems (should) only get worse.”

And in the past Gartman has said the way for American investors to play his thesis, is to establish a long position in gold and pair it with a short position in the euro or a short position in the British pound.

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For Joe TerranovaTerranova is Chief Market Strategist of Virtus Investment Partners, LTDTerranova is Chief Market Strategist of Virtus Investment Partners, LTDVirtus Investment Partners Owns More Than 1% Of (ABAX)Virtus Investment Partners Owns More Than 1% Of (AMKR)Virtus Investment Partners Owns More Than 1% Of Building Materials HoldingsVirtus Investment Partners Owns More Than 1% Of (CASS)Virtus Investment Partners Owns More Than 1% Of (CSVI)Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (FCFS)Virtus Investment Partners Owns More Than 1% Of (KRC)Virtus Investment Partners Owns More Than 1% Of (LDR)Virtus Investment Partners Owns More Than 1% Of (LHO)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries LtdVirtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (RLI)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLE)Virtus Investment Partners Owns More Than 1% Of (XLF)Virtus Investment Partners Owns More Than 1% Of (XLI)Virtus Investment Partners Owns More Than 1% Of (XLK)Virtus Investment Partners Owns More Than 1% Of (XLU)Virtus Investment Partners Owns More Than 1% Of (SUBK)Virtus Investment Partners Owns More Than 1% Of (WDFC)Virtus Investment Partners Owns More Than 1% Of (YDNT)Virtus Investment Partners Owns More Than 1% Of Domino's Pizza UK & IRL PLC

For Scott NationsNations owns (SPY)

For Dennis GartmanFunds Managed By Dennis Gartman and Dennis Gartman are short the S&PFunds Managed By Dennis Gartman and Dennis Gartman own the Australian DollarFunds Managed By Dennis Gartman and Dennis Gartman are short the British PoundFunds Managed By Dennis Gartman are short (EUR)Funds Managed By Dennis Gartman are long gold.

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